Stifel Financial recruited a mega-team from Merrill Lynch, spurring on the firm’s recruiting efforts aimed primarily at wirehouse advisors.
The new hires oversaw $1.35 billion in client assets at their former employer, according to the firm. The group includes Robert DeBeer, his son Stephen, Russel May and Blake Hanna.
Stifel CEO Ron Kruszewski and co-President James Zemlyak praised the advisors in a statement.. “They are considered to be one of the preeminent wealth management teams in Texas, and their decision to join Stifel is a testament to our ability to serve the needs of both ultrahigh and high-net-worth clients, while also supporting the entrepreneurial talents of our advisors,” the executives said.
In 2020, Stifel’s recruiting efforts boosted headcount to 2,280 advisors as of Dec. 31 from 2,222 for the year-ago period, according to the company’s earnings report issued Jan. 29. The hiring spree has helped boost client assets at the company, which rose 8.5% year-over-year to $357 billion.
The team made the move because of Stifel’s resources and corporate culture, according to Robert DeBeer. The industry veteran started his career in 1984 at Blinder, Robinson & Co. before moving over to Merrill Lynch that same year. He later did a stint at UBS before moving back to Merrill in 2009, according to FINRA BrokerCheck records. DeBeer’s son got his start at the wirehouse seven years ago.
May began his advisory career at UBS in 1998, according to BrokerCheck. Hanna joined the industry at Bear Stearns in 1992, doing stints at Charles Schwab and Chase Investment Services before moving to Merrill Lynch in 2010.
Stifel has picked up several hires in Dallas over the past year. Last fall, the brokerage hired two ex-Merrill Lynch advisors — John Carpenter and Faisal Raza — who managed $128 million in client assets, according to the firm And Clark Durham, an advisor with more than three decades of experience, joined Stifel from Jefferies earlier this year.